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Those who want to go very far in the corporate hierarchy of the US investment bank Goldman Sachs should have non-tradable characteristics: an almost obsessive loyalty to his employer, risk taking, brutality assertive and an extraordinary passion. Whether it is an athlete, a researcher or a musician, the only important thing is that there is no relationship with the banks – they do not like to see professional critics on West Street in Lower Manhattan
. street. Anyone who wants to visit the boss should also have sufficient work experience in the securities business, Goldman's DNA – and at best the bald heads.
All these features apply to current incumbent Lloyd Blankfein, as well as to his predecessor Henry "Hank" Paulson, later US Secretary of the Treasury. And David Solomon, who replaces Blankfein as CEO (CEO) in October and from 2019, also takes office as Chairman of the Board of Directors (Chairman). Uniting the two most important jobs in one hand is a tradition in American societies; the dual system of boards of directors and supervisors used in Europe is largely unknown
DPA
David Solomon on a recording of 21 June 2018 [19659008ThatSolomonBaldasPaulsonandBlankfeinwouldbecomeGoldman'snewstrongmaninprincipleithasbeenclearsincethespringSolomon'slastseriouscompetitorleftthebankwithHarveySchwartz;untilthenbothhadjointlyruntheday-to-daybusinessaschiefoperatingofficerSinceSchwartz'sresignationSolomonhasdonethejobaloneOnTuesdayGoldmanconfirmedtheimpendingresignationoflong-timeCEOBlankfeinwhohasbeenrunningthebanksince2006
As for the extraordinary passion, the future Goldman leader can easily accept his predecessors: whenever he has envy, Solomon turns as Disc-jockey D-Sol in Brooklyn clubs in the Bahamas regulators in place; he usually plays uptempo funky numbers, almost always wearing a baseball cap. He even released his first single earlier this year. "Do not Stop" is an electronic cover of the eponymous Fleetwood-Mac style, with Bill Clinton having already made an election tour. Whoever wants can have a glimpse of Solomon's skills on the turntable on Instagram
AP
Lloyd Blankfein in September 2017
Internally, he is considered a tough boss who hunts ruthlessly but also has a nice side: employees should stay away from the bank as much as possible on weekends to avoid burn-outs; For the IPO of a sportswear manufacturer, he appeared in sweatpants. Where the line between authentic freshness and zeitgeist adaptation works is not clear.
However, it is indisputable that Goldman is having more and more difficulty in the fight for talent, which is attracting tech giants on the west coast. Because even if it stands out from its brilliant European competitors: Wall Street has lost since the financial crisis to magic. And the importance of work-life balance for highly skilled people is also felt by investment banks such as Goldman Sachs.
Cultivated in a difficult environment
Solomon himself, born in Hartsdale, New York in 1962, grew up in a much harsher environment. After studying politics in 1986, he joined the legendary investment bank Drexel Burnham Lambert, inventor of "junk" bonds: highly risky and therefore highly discounted bonds issued by dilapidated companies to finance acquisitions.
Shortly after, Drexel's spectacularly broke, the bank had ruthlessly speculated. Solomon went to competitor Bear Stearns and quickly drove the Junkbond department there. In 1999, he joined Goldman, where he was head of investment banking, the core business of the group from 2006.
Years later, the fact that he was not afraid the risks explained: There will always be speculative bubbles in the capitalist market economy. Solomon knows not only how to exploit them intelligently: two years ago he sold his apartment in New York Upper Westside for $ 24 million and the family estate in Aspen / Colorado even for $ 36 million – the latter came from the to taste $ 4 million.
At the beginning of 2018, Solomon owned Goldman shares worth $ 580 million.Since he could be able to handle it, this recently an employee close to his cellar stole bottles worth $ 1.2 million.In the meantime, the case was clarified in court.
The Bank faces stiff competition
AFP
Goldman Headquarters in New York
As the new CEO, Solomon needs to equip the bank for the future Although recent quarterly figures have been surprisingly positive, Goldman Sachs has Is no longer the number one inco In the meantime, the strong in business with mass competitors such as JP Morgan Chase, Bank of America or Citigroup are now too dominant.
Although Goldman also offers consumer loans – a taboo for the bank, its strengths in securities trading, business advice and proprietary investments. However, Solomon's prospects are good: his predecessors have held an unusually long post, the US government is clearly on a deregulation course and even allows Again, trading on own account has long been banned, although for the most part, only in homeopathic doses.
The two will help Goldman Sachs to grow again in the capital market. And if it goes wrong, Solomon remains the second career as DJ "D-Sol".
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